The department’s Financial Crimes Enforcement Network (FinCEN) issued the proposed rulemaking Thursday, stating that Huione has helped launder funds from North Korean state-backed cybercrime operations and investment scams originating in Southeast Asia. FinCEN also cited other operations by Huione Group, including Huione Pay, a payment processor; Huione Crypto, which handles virtual assets; and Haowang Guarantee, an online marketplace offering illicit goods and services. “Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains,” said Treasury Secretary Scott Bessent. The U.S. Treasury Department has designated Cambodia-based conglomerate Huione Group as an “institution of primary money laundering concern” and has proposed severing its access to the U.S. financial system. The group’s Huione Guarantee website was recently cited in a United Nations report as an important cog in the expanding Southeast Asian cyber fraud industry. FinCEN found that Huione Group laundered at least $4 billion worth of illicit proceeds from August 2021 to January 2025. Of that total, $37 million stemmed from North Korean cyber heists, $36 million was taken through investment scams and $300 million came from other fraud operations, the agency said.
This Cyber News was published on therecord.media. Publication date: Fri, 02 May 2025 13:20:13 +0000